Tis pity that it pretty much collapses in the last act, where it can find little more to come up with than a few sentimental death scenes, because prior to that it was an uncommon portrait of a few lost souls drinking themselves to oblivion, cynically trading clever banter as they ran the rings on down.
There is little real story, with the characters revealing (or not revealing) themselves through conversation. It's very similar to those two great 90s indies about Americans in Europe, Before Sunrise and Barcelona. It's so similar to those and so unlike other 1931 films, it seems utterly out of time. A superb film about alcoholism, life after war, the expat life, the death wish, and the Lost Generation.